The Angolan government is pressing ahead with plans for the Lobito refinery, which will have the capacity to process up to 200,000 barrels of oil per day.
The national oil company, Sonangol, recently initiated a public tender for investment in the refinery, marking a significant step in the project’s development.
Sonangol has already completed various essential phases of the project, including an economic feasibility study, reevaluation of the feed, dredging of Lobito Bay, embankment preparation, and the construction of a heavy cargo road pipeline. These crucial preparatory steps set the stage for more effective collaboration with potential partners.
The tender was officially launched at the Lobito Municipal Administration and was attended by both national and foreign investors, as well as the Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo.
Azevedo highlighted the importance of the refinery, especially in a context where 80% of the fuel consumed in Angola is imported.
Azevedo noted that the Angolan government is committed to enhancing the crude oil transformation sector, including the Lobito refinery, as a strategic initiative to reduce or eliminate dependence on imported refined oil products.
The construction of a refinery with this capacity is expected to have a significant positive impact on the national economy and the livelihoods of the population.
It will help mitigate the risks associated with fluctuations in exchange rates and international prices of refined oil products.
The Lobito refinery project is also expected to generate substantial employment opportunities. During the construction phase, it is anticipated that around 8,000 direct and indirect jobs will be created. This number will be further supported by an additional 4,000 jobs during the operational phase.
To ensure the project’s economic viability, the Angolan government has put in place various tax incentives with extended timeframes, aiming to provide fiscal and financial relief for entrepreneurs involved in the project. These incentives reflect the government’s commitment to the successful realization of the Lobito refinery.
